Having a will in place protects your loved ones and provides clarity on what will happen to your treasured possessions and assets, but it can also do so much more. Your will can appoint guardians for your children (under 18). It can also include your funeral wishes and provision for pets.
When helping you to prepare your will (and dependent on your circumstances) here are some of the areas we’ll ask you to think about and make decisions on.
Executors are the people who will be responsible for sorting out your estate, they collect in your assets and deal with any debts and then make sure that the estate is distributed as you instructed. You can appoint a professional executor, a family member or a friend to act in this role. An executor needs to:
- 1) Be over 18
- 2) Be reasonably good with paperwork and finances
Trusts are a very complex area of law as there are different tax implications associated with different trusts. There are three main trusts which could feature in your will:
- 1) Age contingent trusts
- 2) Interest in Possession trusts (also known as Life Interest trusts)
- 3) Discretionary trusts
If you are creating a trust within your will, then you will need Trustees, these are often the same people as the executors and they have ongoing responsibility for managing the trust. When thinking about trustees for your will:
- 1) You need at least two people
- 2) It is often helpful if they are impartial
Other instructions that can be included in your will
Although wills are governed by law, they are very personal to each person’s individual circumstances. Some of the other instructions that can be stated in your will are:
- 1) Funeral wishes*
- 2) Allocation of specific gifts
- 3) Allocation of personal possessions
*Funeral wishes in a will are not legally binding but are helpful in letting your loved ones understand your preferences.
Contact me for an initial discussion to see how I can help you to plan for the future.
Frequently asked questions
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